Revolution Medicines (RVMD) Q3 2026 Earnings Call: Q&A Summary

Q: Charles Zhu from LifeSci Capital asked for a breakdown of commercial patients by line of therapy and treatment duration relative to RASolute 302 and the expanded access program.

A: Anthony Mancini, Chief Global Commercialization Officer, explained that initial demand included three cohorts: transitioning expanded access program patients, patients who had exhausted prior options and awaited approval, and newly eligible patients. He noted that many initial patients are later-stage with lower performance status and potentially shorter durations, while newly eligible patients are expected to follow clinical trial duration trends.

Q: Tyler Van Buren from Cowen asked to quantify the amount of channel stocking within the $198 million sales figure.

A: Jack Anders, Chief Financial Officer, stated that channel inventory ended the quarter at less than 2 weeks and that long-term channel inventory is expected to be managed at around 2 weeks.

Q: Cory Kasimov from Evercore ISI asked for qualitative commentary on October trends to help distinguish initial backlog from sustainable new patient demand.

A: Anthony Mancini stated that the expanded access program officially wound down by the end of October and that providing a full breakdown without a complete quarter is not helpful at this stage.

Q: Michael Schmidt from Guggenheim asked about the broader colorectal cancer opportunity, potential chemo-free options, and addressing other KRAS mutation subsets.

A: Mark Goldsmith, Chairman and Chief Executive Officer, responded that the colorectal cancer program scope will evolve data-driven investments and that RMC-5127 is currently advancing through dose escalation to cover mutations beyond G12D.

Q: Andrea Newkirk from Goldman Sachs asked about the split of uptake between community oncology networks and academic centers and differences in prescribing velocity.

A: Anthony Mancini shared that approximately 2,700 unique health care providers prescribed RAS(ON) Q in the quarter, with about 40% contributed by academic centers and 60% by community practices, reflecting overall patient volume.

Q: Catherine from Morgan Stanley asked for feedback on RAS(ON) Q tolerability in the community setting and how physicians are managing toxicities.

A: Anthony Mancini stated that real-world experience has been very positive, supported by a strong focus on education regarding the adverse event profile, and that customer experience has been smooth so far.

Q: Brian Chang from JPMorgan asked if locally advanced patients are being seen in the initial wave based on NCCN guidelines and why B1 is funding and conducting the colorectal trial.

A: Anthony Mancini noted that the majority of treated patients are previously treated metastatic pancreatic ductal adenocarcinoma, though small numbers of locally advanced patients may be present. Mark Goldsmith added that the B1 collaboration provides a valuable economic benefit and global development bandwidth in exchange for certain commercial rights.

Q: Faisal Khurshid from Jefferies asked if the company could pursue filing in frontline pancreatic cancer based on overall response rate similar to competitors.

A: Alan Sandler, Chief Development Officer, responded that overall survival and progression-free survival remain the dual primary endpoints in studies like RASolute 303, 305, and 309, and that overall response rate typically requires durability endpoints to stand on its own.

Q: Michael Yee from UBS asked about the different PRMT5 assets being partnered and whether the company would bring a PRMT5 inhibitor in-house.

A: Mark Goldsmith noted that the company is evaluating three PRMT5 inhibitors from Tango, Bristol-Myers Squibb, and B1 with distinct profiles, and declined to comment on whether the company plans to acquire one internally.

Q: Osaka Gunardi from Leerink asked about payer restrictions against off-label compendia use and whether community centers face similar prior authorization hurdles as academic centers.

A: Anthony Mancini explained that strong functional access is supported by reimbursed claims across health plans covering greater than 90% of U.S. covered lives, with field-based teams assisting both academic and community settings in navigating review processes.

Q: Jay Olson from Oppenheimer asked about trends in the profile of first-line patients treated and anecdotal prescriber feedback on responses.

A: Mark Goldsmith replied that it is still too early to draw meaningful conclusions until more patients are treated for longer durations.

Q: Gregory Renza from Truist Securities asked how the Bristol-Myers Squibb collaboration fits into the broader strategy compared to the avanesimab partnership.

A: Mark Goldsmith answered that both are broad collaborations involving different components of the PD-1 and PD-L1 axes, and represent a deliberate approach to maximize assessment of the company's compounds across important diseases.

Q: Laura Prendergast from Stifel asked what to expect from the upcoming late-breaker abstract at the AACR meeting and the scope of colorectal cancer data in the first half of 2027.

A: Mark Goldsmith stated that the company does not preview the exact scope of future disclosures in advance and that data supporting clinical decisions will be revealed when presentations are made.

Q: Alec Stranahan from Bank of America asked how payer mix is tracking relative to expectations and which segments are expected to drive gross-to-net increases over time.

A: Jack Anders noted that gross-to-net discounts are expected to increase within the 20% to 30% range as channel discounts such as 340B and distribution fees evolve.

Q: Sean McCutcheon from Raymond James asked about the strategic importance of a chemo-sparing frontline regimen in pancreatic cancer and positioning against competitors using EGFR antibodies.

A: Mark Goldsmith commented that it remains unclear whether chemo-free or chemo-combination approaches provide greater long-term benefit, noting that Revolution Medicines is evaluating both chemo-free regimens like zoldonrasib combined with daraxonrasib and various chemotherapy combinations.